Investors Real Estate Trust VWAP Pricing Date Correction for Regular Quarterly Common Share Distribution

Investors Real Estate Trust (Nasdaq:IRET) (Nasdaq:IRETP) advised today that the distribution reinvestment price for the Company's regular quarterly distribution of 13.00 cents per share/unit payable on April 2, 2012, to common shareholders and unitholders of record at the close of business on March 19, 2012, will be the volume-weighted average NASDAQ share price on April 2, 2012, less a discount of 5%. An incorrect reinvestment price date of March 19, 2012 for this distribution was given in the Company's March 7, 2012 press release.

Access information for IRET's quarterly earnings call on Tuesday, March 13 at 9 a.m. Central Time is as follows:

USA Toll Free Number: 1-877-317-6789

International Toll Free Number: 1-412-317-6789

Canada Toll Free Number: 1-866-605-3852

Webcast: www.iret.com, Earnings Calls, 3rd Qtr Fiscal 2012 Earnings Call

About Investors Real Estate Trust

Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska. 

Forward-Looking Statements

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results. Such risks, uncertainties and other factors include, but are not limited to: fluctuations in interest rates, the effect of government regulations, the availability of capital, changes in general and local economic and real estate market conditions, competition, our ability to attract and retain skilled personnel, and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our 2011 Form 10-K. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

CONTACT: Lindsey Knoop Anderson
         Director of Investor Relations
         1400 31st Ave SW, Suite 60
         PO Box 1988
         Minot, North Dakota 58702-1988
         phone: [phone]
         fax: [phone]
         email:[e-mail]